The Trump administration just released their road map to deregulate Wall Street.

Trump’s Treasury uses false claims and misdirection to call for relaxing rules on the banks that crashed our economy.

The Trump administration is like a builder whose only tool is a hammer: regardless of what industry we’re talking about, they stick to the same old bit: deregulate.

Now Wall Street has come seeking favors, and Treasury Secretary Steve Mnuchin, a Goldman Sachs alumnus, is wielding a sledgehammer.

Mnuchin’s Treasury Department has released a report on its recommendations for “regulatory reform” (read: rollbacks). The report starts out with the false premise of an overregulated economy, and then goes on to propose “solutions” that could only lead to a less stable financial system and rampant consumer abuse.

The CFPB has done nothing but good for the ordinary Americans over the past 6 years. Whether it’s common-sense rules on mortgages or prepaid debit cards, the CFPB has done right by people across the nation. It has won relief worth $12 billion for 29 million consumers. The CFPB is only a problem for the Wall Street bankers and predatory lenders it keeps in check.

The CFPB recently fined Wells Fargo $100 million for creating fake accounts in the names of millions of customers. The CFPB received a whistleblower tip about this and then, figuratively speaking, marched into the mega-bank to see what was going on. After doing interviews and conducting depositions, the CFPB escalated into enforcement action and brought the hammer down on Wells Fargo — a perfect example of the CFPB fulfilling its mandate of sticking up for ordinary Americans.

The report also goes on to describe the bureau as “unaccountable to the American people”, while mentioning how the director cannot simply be fired by the president, like, oh, the FBI director.

Is it a surprise that the Trump administration wants to be able to fire the CFPB director? It shouldn’t be, not to any of us. What’s more, the Treasury also wants to subject the CFPB’s funding to the annual congressional appropriations process, which would let Wall Street lobbyists pressure lawmakers into cutting its budget. And we all know how that would go.

The last thing Wall Street needs is deregulation. It needs strong rules, and a strong federal agency to enforce those rules.